Is fintech changing the expat financial sector?

Is the upswing in fintech shaping the 21st century expat world?

Expatriation has changed so much over the past several decades, and it’s now not unusual for professionals to live in multiple countries during their working lives. Keeping track of finances during a lifetime of transfers to different countries would have been almost impossible just ten years or so ago, but technological advances are now making the task far easier. Of course, the same technological advances are also opening up many more job opportunities worldwide, thus creating more expats.

Fintech companies are now using today’s tech innovations to improve financial services across the board, making paying bills straightforward, giving efficient access to credit, mobile phone banking and much more, all of which makes expats’ lives far less stressful, at least on the financial side. UK fintech firms rely on expat professionals to the extent that 42 per cent are non-nationals, and New York, Tokyo, Germany, Hong Kong and Switzerland are queuing up to take London’s crown as the world’s financial hub, along with its top professionals. Singapore is also a popular destination for skilled software and tech workers, with 53 per cent of its fintech companies struggling to hire top expat talent.

Finance isn’t the easiest sector for expat career junkies, with competition for the top jobs at an all-time high. Salaries vary, mostly dependent on the economy of the specific country and its cost of living, and tax laws vary hugely between all the popular expat hubs. Getting your tax situation wrong can even mean you’re taxed twice, once in your home country and once in your present home. It’s not much more straightforward in the traditional financial sector, and competition for the top jobs is just as cutthroat. Nowadays, it’s expected that you live for the job rather than taking the job in order to live – not the best scenario for expats with families to consider. Under these circumstances, the best idea is to pick a location where you’ll be happy to stay long-term and which offers facilities suitable for your spouse and kids, allowing them to enjoy their lives whilst you’re sacrificing yours to the almighty dollar on a 24/7 basis.